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After Reading From Many Web master Its Worthy if Done properly and Considering A Quality factor in mind ..

Do not spend much time with exchanging links, If you found a Site of your niche the you may do it, otherwise, in my opinion, itís not worth it at all.

One more thing is there
"May you found A website that only offers Link Exchange scheme for all (At time When you placed Link their may that time Its good from relevancy and Quality but After A Week or Month or year later It becomes A Link Farm like Structure , in that case ", A Serious Damage for Your website " So be Sure places Where you Left your Link will be posses to that quality in future too .

Link exchange is good for SEO but not to do abuse link exchange. If your site web space is low, you like to promote valuable content to your readers in that situation use link exchange otherwise don't do.